FICCI CASCADE in association with SRM University organised a ca

FICCI CASCADE in association with SRM University organised a ca

FICCI CASCADE in association with SRM University organised a candle light congregation to fight the menace of counterfeiting and smuggling

Chennai, 28th March, 2018: Smt P C Thenmozhi, IPS, DIG, Tamil Nadu Police, Kancheepuram, Chief Guest at the candle light congregation congratulated FICCI CASCADE for taking the step of initiating the youth movement against illicit trade such as smuggled and counterfeit goods. Ms. Thenmozhi agreed that activities involving illicit trade like smuggling curbs the economic independence and one must pledge to not use fake products and to fight the menace of smuggling which was in the larger interest of the nation’s economy. “Illicit trade fuels black market which funds terrorist organizations. Let’s be more aware, reject such illicit products and notify the enforcement authorities to take actions against them”, said Ms. Thenmozhi.

India’s economic growth story has attracted the world’s attention bringing new challenges for the domestic economy. One of the major issues for the economy and the industry is the uninhibited growth of illicit trade. The market for illegal goods is thriving in India and has become one of the biggest challenges faced by Indian industry. Industry body FICCI has set up a Committee Against Smuggling and Counterfeit Activities Destroying the Economy -FICCI-CASCADE, with the participation of all leading industries from all sectors of the economy.

As per FICCI CASCADE report, the total loss to the government on account of the illicit markets in respect of the seven manufacturing industry sectors is Rs. 39,239 crores. Amongst the various sectors, the maximum revenue loss to the exchequer on account of counterfeiting and illicit trade is attributed to tobacco products, estimating a revenue loss of Rs. 9139 crores followed mobile phones at Rs 6705 crore and alcoholic beverages Rs. 6309 crores.

The state of Tamil Nadu has seen a significant growth in illicit trade among these sectors in the last couple of years. It is one of the fastest growing markets for illegal cigarettes and alcohol in the country. The supply of legal cigarettes shows a decline, while the illegal players have taken over this market and is growing at a higher rate. In case of alcohol, the illegal market is growing significantly in value and volume. These two sectors are amounting to more than hundreds of crores in loses to the Tamil Nadu Government.

Mr. P. C. Jha, Advisor, FICCI CASCADE & Former Special Chairman, Central Board of Excise and Customs (CBEC), stated that widespread illicit trade such as smuggling and counterfeiting, would increase the risk of investments in India, hindering India’s ambitious agenda – ‘Make in India’ which emphasizes on making the country a manufacturing hub, and on building and strengthening R&D. It is time that we, as a nation and as a part of the global economy, call for stern and resolute counterstrike force against such ill-intentioned activities.

Mr. Deep Chand, Advisor of FICCI CASCADE, stated that “apart from the visible consequences of illicit trading activities such as smuggling vis-à-vis adverse impact on innovation, investment and brand reputation, the bigger concern is the manner in which illicit trade such as smuggling and counterfeiting is impacting the social fabric of nations. Most importantly, it is weakening our desired economic development -- an impact that seems too severe to tackle.” He further added that while buying illegitimate good knowingly or unknowingly, consumers are being exposed to poorly made, unregulated sub-standard products that had detrimental impact on them, and the nation at large.

Several steps are being taken by FICCI CASCADE and the government to create large-scale awareness among the most impacted segment of this menace: the consumer. The candle light congregation, being organised in Chennai in association with SRM University, is one of a series of such events to be organised across the country as part of a nation-wide awareness campaign to highlight the issue and focus on the growing menace of illicit trade.On the occasion Prof.Dr. Sandeep Sancheti, Vice-Chancellor, SRM University, Smt. Kavitha Dutt, Co-Chairman, FICCI Tamil Nadu State Council and Mr. Ruban Hobday, Head, FICCI Tamil Nadu State Council al